Among those leaving is the head of structured finance for Asia ex-Japan, Rajiv Garg, who says there are still short-term trading opportunities in the market which he intends to tap.

Merrill Lynch has embarked on a round of layoffs that will cut at least 75 jobs in the Asia-Pacific region, according to sources. Most of the cuts will come in the bankÆs trading and sales divisions and will affect both its fixed-income and equities business.

Not too surprisingly, the layoffs include several high-profile people who used to focus on structured finance and structured credit û a business that has come to a virtual standstill since the financial crisis took hold...